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Bascom Adds More Las Vegas Rentals With 2 Buys

Irvine-based apartment investor and operator Bascom Group has added two rental properties in Las Vegas to its already sizeable portfolio there.

It said it paid a little under $38.4 million last month to buy the 252-unit luxury Spectrum Apartments community in the southwestern part of the city near the 215 freeway, or about $152,000 per unit. The complex, built in 2010, has 14 three-story buildings on about 10 acres.

Spectrum initially was designed as a for-sale condominium development. Amenities include a resort-style swimming pool and spa area, fitness center, clubhouse with a business center, and picnic area.

Charles Halladay and Jamie Kline with HFF arranged a $27.3 million loan with Lincoln Benefit Life Co. to finance the deal, according to Bascom. The seller wasn’t disclosed.

Bascom said early this month that it also paid $9.1 million, or $101,000 per unit, to buy the 90-unit Pebble Cove Apartments, a garden-style complex built in 1989 and also in the southwestern part of Las Vegas.

Erich Pryor and Tom Sherlock of Irvine-based Talonvest Capital arranged an $8.5 million loan with TCF Bank to fund the deal.

Bascom said it and affiliates have acquired 29 multifamily properties totaling 9,167 units in the Las Vegas market over the past four years. It’s the biggest apartment owner in the city.

The company’s biggest deal there took place in mid-2016, when it partnered with Oaktree Capital Management LP in Los Angeles in a $630 million deal for a 15-property portfolio of apartment complexes bought from Houston-based Camden Property Trust. The 4,918-unit portfolio went for about $128,000 per unit, according to Camden Property.

News reports at the time said it was the priciest apartment sale in Las Vegas history and Bascom’s biggest deal in the company’s 20-year history.

“As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals,” said Bascom Senior Principal Scott McClave in a statement announcing the December acquisition.

Colliers Promotion

The head of the local Colliers International operations has been given a big expansion in duties for the Toronto-based commercial brokerage.

Martin Pupil was promoted last month to president of the company’s U.S. brokerage operations. Colliers’ market value is about $1.4 billion.

He’s been based in its Orange County office for nearly a decade after running its Montreal operations.

Pupil has run Colliers’ greater Los Angeles region from its Irvine office after arriving in OC, and for the past few years has been tasked with overseeing its western U.S. operations.

It’s unknown whether Colliers plans to name a new head of its OC branch, which employed about 50 brokers last year.

Pupil will stay in the Irvine office in his new role, in any case.

Colliers was OC’s No. 5 brokerage in 2015, with about $2.2 billion in local deal-making, according to the Business Journal’s latest ranking of commercial brokerages.

It recently has been expanding its California operations, in mid-December announcing it had signed a deal to merge with Colliers Parrish International Inc., its largest independently owned affiliate in the U.S.

Terms of the deal weren’t immediately disclosed.

Colliers Parrish International has offices in San Jose, Oakland, Stockton, Pleasanton, Redwood City, Fairfield, Mountain View, Gilroy and Walnut Creek, plus locations in Nevada. The affiliate employs about 400.

Integrating the affiliated offices “with our existing operations in Northern California significantly increases our scale and coverage, allowing us to seamlessly and effectively serve our clients in this important region,” Pupil said in a statement.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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